Avalanche prices were indeed falling lately with the crypto crash. On the other hand, it was clear that prices were targeting a strong support area of $60. The reason for the claim was a descending triangle formed by the price in the chart. There were high expectations for the price to retest the triangle trend line before breaking out. As a result, the price failed to test the trend line and broke straight down. Now that we reached that strong support area, what will happen to the Avalanche price? Let’s tackle everything in this AVAX price prediction.
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Avalanche Price Reaches Strong Support!
The Avalanche price was able to achieve the goal we had set at the support price of $60. We anticipated that the price could turn between $51.40 and $59.29 as there are supports or a support zone there. The price also seems to have found a bottom there. Traders who did not set their stop-loss wide enough might have been stopped out from that fakeout that reached the low of $51.30. That’s why setting adequate stop-loss levels is very important, especially in volatile moments. The candles formed at that fakeout suggest a short-term reversal to the upside, which is common once the price hits a support zone/bottom.
AVAX Price Prediction – Where will Avalanche Price Reach?
Avalanche price might next confirm the breakout of the descending triangle, confirming and retesting the former $79.22 support as resistance. Once this happens, it doesn’t mean that the price could turn bullish again as it has moved up. On the contrary, we expect that once the price has confirmed the support as resistance, it could continue lower. The first target is again between $51.40 and $59.29. If this level breaks, which we do not expect for the time being, the price could drop to $40. More on the other goals in the next Avalanche article, so stay tuned and add CryptoTicker to your Google News list 😉